On February 9, 2024, TEI submitted comments to the Internal Revenue Service and U.S. Department of the Treasury regarding Notice 2023-80 (the "Notice"). The Notice provides interim guidance addressing the application of the foreign tax credit and dual consolidated loss ("DCL") rules to certain types of taxes described in the OECD Pillar Two Global Anti-Base Erosion ("GloBE") Model Rules. TEI's comments recommended extending relief for pre-2024 DCLs to DCLs arising in 2024, clarification of the country-by-country reporting safe harbor, and guidance that the application of the GloBE rules is not a "foreign use" under the DCL rules, among other things.
TEI's comments were prepared under the aegis of the Tax Reform Task Force, whose Chair is Jason Weinstein of Amazon.com. Benjamin R. Shreck, TEI Tax Counsel, coordinated the preparation of TEI's comments.